What if your emotions were something that could earn you more money? It’s possible.
Emotions aren’t something we generally deem as money-makers. Sure, they’re part of our day-to-day, but they’re usually a result of circumstances – not drivers of value.
You might’ve heard of emotional intelligence (EQ) before but dismissed it as new age fluff. But, it’s a little more substantial than that. In fact it’s got some real monetary value behind it. USD$29,000 to be precise.
So what is EQ and how can you use it to make it rain?
What is EQ?
While IQ is your ability to process information, EQ is your ability to process emotions – both your own and others. Luckily, you can strengthen your EQ fairly easily. Your IQ? That’s a lot more difficult.
EQ is more than just a buzzword, it’s a tangible asset which Psychologist Daniel Goleman breaks down into five parts:
- Social Communication
Self-awareness is the ability to understand your effect on others, knowing your strengths, and identifying your weaknesses. Self-management is controlling your emotions and mediating how you act. Social communication is your power to manage relationships positively. And motivation and empathy? They’re self explanatory.
Now consider your role in the workforce. Do you use these skills regularly? The answer is most likely ‘yes’. Now we’re getting somewhere.
How much money can emotions make?
A study of college students in the U.S found that of those who scored highly on emotional intelligence earned more across all industries over a course of 10 years.
This study points to the networking skills of the participants with high EQ. Think of people who embed themselves in the social structure of company – keeping themselves well connected and placed.
EQ skills make these successful individuals good at accepting and actioning feedback and improving their performance.
Travis Bradberry, co-author of Emotional Intelligence 2.0, recently helped conduct a survey with staggering results that hold true for employees in all industries, at all levels, in all regions of the world. He found that not only are 90 percent of top performers high in emotional intelligence, but they average a salary of USD$29,000 (which is around AUD$42,800!) more per year than people with a lower degree of emotional intelligence.
Bradberry explains that every point on the EQ scale equates to an extra USD$1300 in salary.
Alright, how do I increase my EQ?
Increasing your EQ isn’t so much about becoming more emotional. It’s about becoming more emotionally aware.
- Know yourself
Practice self-awareness and notice when you’re stressed or annoyed. What triggers these emotions for you?
- Include others in decision making
It may take some getting used to, but once you’ve learned to listen internally and externally, you’ll be surprised what you pick up.
- Try not to be offended when criticism is offered
Instead harness what others are saying and take it on board. Ask from the situation, ‘what can I learn?’.
By implementing these skills during your day-to-day working environment, you can maneuver yourself into a respected position. And when it comes to salary negotiations, that’s half the battle. This is the true value of EQ.